COSCO Shipping Holdings Raises Share Buyback Price Cap to RMB 20
COSCO Shipping Holdings has raised the maximum price for its share buyback to RMB 20 per share from RMB 15.40 per share, after its stock price persistently traded above the previous ceiling. The company said the adjustment is intended to ensure the buyback reaches the minimum number of shares set out in the original plan. The revised cap does not exceed 150% of the average trading price over the 30 trading days before the board's resolution. All other terms of the buyback remain unchanged.
COSCO Shipping Holdings announced that, as its share price has persistently exceeded the buyback price ceiling recently, it will adjust the maximum buyback price from no more than RMB 15.40 per share (inclusive) to no more than RMB 20 per share (inclusive), in order to ensure the buyback smoothly reaches the minimum number of shares specified in the buyback plan.
The adjusted buyback price ceiling does not exceed 150% of the average trading price of the company's shares over the 30 trading days before the resolution of the second meeting of the company's eighth board of directors. Apart from the adjustment to the buyback price ceiling, all other terms of the buyback plan remain unchanged.
Why this event matters
The event has a measured impact on 1 industry. The strongest current signal is positive for Shipping & Ports, with intensity 40/100 and 70% confidence over a short term horizon.
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